April 29, 2024 (MLN): Service Global Footwear Limited (PSX: SGF) reported its profit and loss statement for the quarter ended on March 31, 2024, wherein it registered a surge of 54.2% YoY in profits as the profit after tax clocked in at Rs385.61 million [EPS: Rs1.87] compared to a profit of Rs250m [EPS: Rs1.22] in the same period last year (SPLY).
Going by the results, the company's net revenue from contracts with customers marked an increase of 26.60% YoY to Rs4.54 billion as compared to Rs3.58bn in SPLY.
The gross profit of the company improved by 16.63% YoY to Rs828.58m during the review period.
On the expense side, the company observed a rise in distribution costs by 33.92% YoY and other expenses by 16.87% YoY to clock in at Rs172.69m and Rs18.7m respectively during the review period.
Likewise, the administrative expenses of SGF increased to Rs172.69m, reflecting a growth of 18.76% YoY.
The statement of profit and loss further displays that profit from associates was a crucial contributor to the company's profit growth, as it witnessed an inflow of Rs362.16m in the review period, compared to a meagre profit of Rs1.99m recorded in the corresponding period last year.
Other income of SGF plummeted by 79% YoY to stand at Rs43.6m.
On the financing front, the company’s finance costs decreased by 5.23% YoY to stand at Rs200.73m.
The company bared a tax expense of Rs161.31m against the Rs74.91m paid in the corresponding period of last year, depicting an increase of over 2x YoY.
| Unconsolidated Financial Results for the Quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| March 2024 | March 2023 | % Change | |
| Revenue from contracts with customers – net | 4,541,895 | 3,587,727 | 26.60% |
| Cost of sales | -3,713,308 | -2,877,266 | 29.06% |
| Gross Profit | 828,587 | 710,461 | 16.63% |
| Distribution costs | -295,825 | -220,900 | 33.92% |
| Administrative expenses | -172,698 | -145,413 | 18.76% |
| Share of net profit / (loss) of an Associate | 362,165 | 1,992 | – |
| Other Income | 43,608 | 206,205 | -78.85% |
| Other expenses | -18,173 | -15,550 | 16.87% |
| Finance cost | -200,734 | -211,817 | -5.23% |
| Profit before taxation | 546,930 | 324,978 | 68.30% |
| Taxation | -161,316 | -74,914 | 115.33% |
| Net profit for the period | 385,614 | 250,064 | 54.21% |
| Basic earnings/ (loss) per share | 1.87 | 1.22 | 53.28% |
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Posted on: 2024-04-29T15:37:35+05:00
